It was one of the first Saudi banks to report quarterly earnings - Alinma Bank beat analysts’ estimates slightly on Sunday - so the news buoyed the sector in general. All eight listed Saudi banks that traded early on Thursday were higher.

The Saudi stock index climbed 0.3 percent. Petrochemical firm Saudi Kayan, which reported a rise in profit to 381 million riyals compared to analysts’ average forecast of 129 million riyals, surged 5.2 percent.

In Dubai, Drake & Scull, which has attracted renewed interest since it completed a capital restructuring early this month, gained 5.3 percent to 2.0 dirhams in heavy trade. It has climbed by more than a third since early October.

In Abu Dhabi, Dana Gas added 2.7 percent after saying its operations and production in Iraqi Kurdistan were continuing as normal, following the Iraqi military’s retaking of some of the biggest oil fields from Kurdistan’s Peshmerga forces.